The beauty of a lease is lower payments and being able to get a new car every three years. If you really want to buy the car after the lease is up you can, without any hidden fees. Chances are though that the residual value of the car at the end of the lease will be higher then the actual resale value of the car.
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I agree with kingpcgeek on the advantages and that is why I selected a lease in my case.
The down side with leasing to me is: - It requires more education to understand the price you are paying. I had a spreedsheet with me at the dealer to convert MF to APR and see the rent etc. - Rolling from lease to lease means you never pay off a car, build equity, and enjoy a period of no car payments. However, I think I'm betting putting the difference between lease and loan payments into a CD will do better than building equity in a car. I've really don't like the hassle of selling cars and taking the risk on the residual value. My aversion may come from owning too many VWs that end up underwater.
People say that the cost is much higher to lease and on paper that appears to be true, however in my real world experiences the cost is about the same. If you buy a car and try to sell it later or trade it in, you end up losing just as much money as the additional cost of leasing, plus the time and hassel if you try to sell the car instead of trading it in. The other benefit to rolling from lease to lease is that your car is always covered by the factory bumper to bumper warranty. You never have to worry about incurring a huge repair expense if something breaks. Plus you get all the benefits that come with getting a new car every few years such as safety improvements, better technology, more efficient engines, etc.
By the way, any leasing expert will tell you that you should NEVER put any money down on a lease (i.e. cap cost reduction), not even the taxes. Yes, it reduces your monthly payment but if your leased car is totalled or stolen the day after you walk off the lot, your insurance company will NOT pay you the money back. The leasing company owns the car not you, so your insurance company will pay off the balance owed on the car to the leasing company. If you bought the car, the check from the insurance company would be made out to you and you'd have to pay off any loan on the car and then you can keep the difference. If it bothers you that you're be paying interest on the taxes if you put them in the lease payment, then take the money you would have used to pay the taxes and put it in a money market account or CD and earn some interest back. I know it will probably be less than the interest you'll be paying on the taxes but it's better than nothing. The other advantage to putting no money down is that you will have access to that extra cash in case you ever need it.
I can do better than suggest, df2009, I can give you the real program. Lexus Financial Services' current buy rate leease money factor and residual value for a 36 month lease of a 2009 Lexus IS 250 AWD with 10,000 miles per year are .00140 and 53%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.
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thanks you very much, looking to get something in the next 2 weeks. will let everyone what i get. the internet person im dealing with says she has seen sales 500-1500 over invoice lately.
well see what the feb sales numbers look like. should be lower, jan is250/350 sales were off 29% from what i read.
No problem, dmoeller17. I don't know about the Lexus or the IS, but in general February is shaping up to be another terrible month for the industry. I would not bs surprised in the least if sales were down an eye-popping 40% versus February '08.
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that is where I got the numbers from, we'll see what FEB looks like. wonder if I even need to mess with going at the end of the month or if they will just let me buy at my price 500-1000 over invoice. talking to the internet person im dealing with she said 500-1500 over she has seen done. I told her Im perfectly willing to pay 500 over invoice for her to basically fill out paperwork for me since she has not wasted any time with me.
Also I said "Im the stupid one in the transaction here wanting to buy a luxury car in a depression, potentially with hyperinflation, so you better be willing to get rid of your inventory so your dealer can weather the storm". we'll see.
Can you post the lease terms (money factor, residuals, etc.) for the IS 250 AWD when they are published for March? I'm interested to see how they compare to February.
The Lexus USA sales numbers for February have been released, and it’s just plain depressing: 2009 2008 % Change IS250/350/F 2,147 3,906 -42.7 ES350 2,575 4,795 -44.1 GS350/460/450h 595 1,422 -56.4 SC430 76 189 -58.1 LS460/600h L 700 1,891 -61.4 Total Cars 6,093 12,203 -48.0 RX350/400h 6,218 6,956 -6.9 GX470 516 1,549 -65.3 LX570 281 569 -48.6 Total Trucks 7,015 9,074 -19.5 Total Sales 13,108 21,277 -35.8
The fact that car sales are down almost 50% under last year is frightening — but let’s put it into context with some competitor’s stats: 2009 2008 % Change Audi 4,653 6,152 -24.4 BMW 12,979 20,775 -37.5 Infiniti 6,359 10,068 -36.8 Mercedes 14,199 18,564 -23.5
Anyone know what the current monthly lease cost would be for an IS250 AWD with Nav and Lux Package, 15k per year, zero down taxes rolled in (8.625%). Also any promotions on bank fees etc.
I see that around this time last year there was a special CA lease program going on for 24 month leases. Anything similar to this going on now? I am in LA and need to purchase within the next week. I ran credit today and got 729 Auto FICO at the Lexus dealer (which is lower than my normal FICO, but I'm a first time buyer). Any idea what the MF would be for me on 24 and 36 mo leases? Dealer quoted me payments for 10k but said he would do 12k for the same price. 24 mo just seems more attractive considering a lower buyout price would equal a lower overall price if I lease then buyout. Thanks for the advice!
FYI - If it matters, I am looking for a 2009 IS250 RWD auto with navi and prem packages. Dealer said he would give me chrome wheels and 2 years maintenance also. Best offer I got is $32,800 + TTL but I don't think that's as good as I can get considering I can do without chrome and I saw someone in NorCal got 35,650 OTD this week on the prices paid thread.
Here is the deal I obtained for my daughter on Feb 28th for an IS 250 RWD fully loaded with NAVI and premium, list price of $37,580. Selling price was $32,612. 12,000 miles per year; CAP rate was .0007 (1.68% equavilent);Residual 52% = $19,542. Total drive off was $1500 which included $659 cap reduction, first monthly payment of $431 (includes CA sales tax 7.75%); title $301; doc fee $45; tax on cap reduction $51; CA tire fee $9; and doc fee tax $4. This is a 36 month lease. Remaining 35 payments at $400 plus $31 tax. This was leased in So Calif.
I spent several weeks fooling around with a couple of dealers over the phone and was very pleased with this deal I got on last day of month. Dealer cost on this car was $33,772. So they leased it to me at about $1160 below dealer list cost.
cpa3 Thanks for the info! Are the only options you got on this vehicle the navi and premium package? No 18" wheels or chrome or lux package or anything else? Just curious cause you said fully loaded but navi and prem is only I guess kinda "well equipped" and I want to be able to get the best price and I'd love more options than that (if you got them) for that price. Cost on RWD with prem and navi is only a little over $31k, not $33k. Also, did you pay down the MF with any security deposits or was that just the standard MF that you were offered? Anyway, I'd really love to know your exact details of what options you got and also what dealer this was at because I'm looking to close in SoCal this week. Thanks!
Yes it had 18" wheels...Navi, Premium Pkg (includes heated and cooled seats), matts and locks...This is a pretty standard configuration for this car with Navi...In So. Cal there seems to only be about two or three configurations of that car. Your wrong on the $33 vs $31...I priced it at KBB and also I saw the dealers invoice which matched my research...This was a 2009 car...I saw your other posts and truthfully I find it hard to believe the price you were quoted. Also something wasn't right with the lease they were offering you with $3500 down...It should have been a lot less if all the info you provided was right. Do the lease calculations yourself and see. Good luck and feel free to ask any other questions.
Hi jpp5862. Here's the information that you're looking for. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Lexus IS 250 AWD with 15,000 miles per year are .00140 and 50%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.
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Here you go, integritas. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 IS 250 RWD with an automatic transmission and 10,000 miles per year are .00135 and 53%, respectively.
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cpa3-- I'm not following. You said you find the numbers I got hard to believe. As in they're too high or too low? You said your CAP is .0007, and I assume you mean MF? Was this the standard MF you were given or did you pay it down with MSD? What dealer did you go with? I've been talking with Keyes (where I got the quotes), Santa Monica, and Cerritos. Thanks!
Does anyone know what the min MF is for Lexus? I haven't been able to find it anywhere and was wondering what I could expect if I pay the max MSD (how many does Lexus allow? I know BMW allows 7 over the required). Thanks so much everyone!
Hi fairwayflyer. I would be happy to work up a sample lease payment on the specific car that you are interested in for you. However in order for me to do so I need you to provide me with its full MSRP and approximate selling price (the invoice price will work if you don't have a selling price). You can look up that info right here at Edmunds.com: New Vehicle Pricing.
Let me know what this information is and I'll crunch some numbers for you.
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I got a new offer (different dealer) in SoCal today on an IS250 lease. PLEASE let me know ASAP if this is a good deal.
IS250 RWD with prem and navi 36mo/12k MSRP $37,656 Selling price $32,548 MF .0001 (reduced to minimum with 8 MSDs) which is .24% interest Drive off: $4598.58 ($3200 is MSD which I will get back at lease end, rest is first month and fees) $391.83 per month including tax
Total cost of lease (minus $3200 security): $15112.63 Residual: $19581.12
Santa Monica. Should I assume it's a good deal then since you're asking?
PS - Don't go to Keyes, they're a bunch of lying a**holes! They said they would sell the car at $32,800 (<$400 less than SM) and yet somehow over the course of the lease I would have been paying over $3000 more! :mad:
haha Well I've been researching for a good week and a half or so.. long enough to drive myself crazy with these numbers. I took sheets of notes in with me and all the dealers made comments about how I look like I'm studying for midterms and have done my homework, etc etc. Basically every dealer scoffed at my numbers until I pulled out proof. The number I went off of was the person who said they got the same car (plus HID) for a little less than $35650 OTD at the Santa Monica dealer (that message was in this thread as a reply to the person who got the same car without HID for $35650 OTD at Longo). I called SM a week ago and asked if they could do that price and the guy I spoke to happened to be the one who sold the car and knew what I was talking about. He told me to come in but I just hadn't until today and of course he wasn't there. A couple days ago I also submitted through Costco's auto program so they had my info from that (Costco price is $750 over invoice on the 250 BTW, I think $1000 over on the 350). I talked to a woman who does Costco pricing and was told that she could give me the same price anyone else in the dealership could. First they tried to tell me that the car I was talking about that was sold and listed on these forums was a demo car (5000 miles) which is why they got that price and the best they could do for me was around $33.5 before TTL. I called BS and asked her to call the original guy I talked to. She and her manager went to another part of the dealership and supposedly called him and came back and said they would do $36500 OTD to match the price I saw. I said no, the price was $35600. They went back and redid the sheet and came back with the price I listed before. I had her give it to me in writing (which was like pulling teeth and took a good 15 minutes of convincing and saying that on the back of a business card wasn't good enough). I fully plan to go to Keyes tomorrow or the next day to sit down and ask them if they REALLY want to run numbers now and show them what a**holes they are. :P
I don't know if this is relavant or not, but last year at this time, I got my non-Nav, premium package IS250 RWD for 320/mo, 3500 down, 36 months, and 10k miles/year. This was from Westminster over the internet. It was 750 below invoice. I tried getting it from Keyes, but instead I got the run-around, bait and switch, and so on. They were also loading up all their inventory with rediculous add-on accessories marked up 100%. I found all that quite insulting. Their service has been great though.
haha I love hearing dealerships get pitted against one another. Let me know how Keyes responds.
The only thing about your deal that I caught my eye were your MSDs. I've never dealt with them myself, but I can just see the gleam in their eyes when you return the car after 3 yrs and 3,400 is up for grabs. What was your MF at before the deposits?
I believe the MF is at a special rate of .0007 right now. I have 729 on my Experian so I qualify for that rate, even though Keyes lied and said I didn't because I'm a first time buyer. Weird though cause with 8 MSD Visa said my MF is .00014 and Santa Monica said it's .0001. .0001 is the lowest you can get. .24% interest, ridiculous! Even if you're not interested in leasing and only interested in financing, it makes sense to lease THEN buy with a MF that low, considering all the interest you'd save on that first ~$12,000 and lower payments, then you can finance the buyout, cause let's face it.. Lexus finance APR's are not a deal at all. The only reasonable one is on the RX, the lowest you can qualify for right now is 2.9%. Keyes said the lowest you can get right now on IS is around 6.9%, though I'm sure that's a total lie. Regardless, it's nowhere NEAR .24%!!
My comment about your numbers was I found it hard to believe they would sell you that car out the door for $32,800 which was fully loaded include chrome wheels and two years of free maintenance. Those chrome wheels usually add about $2K to the price. Your new deal is nowhere near that. Nor was mine. My .0007 cap rate was with no MSD.
The deal you had listed is a good one. Its a few dollars better than mine. I was at $32612. I would be happy with that deal and take it. I couldn't get Mission Viejo or Newport anywhere near that. We had to go to Longo to get our deal. The only thing I might consider is the MSD. Basically it comes down to do you want to lend Lexus $3200 for 1.44% a year (1.68 my rate vs. .24 your rate). I would pass on that although not many investments today you can get that return on. Another question I have on the MSD is under what terms can they tap into the MSD? What if you total the car after you drive it off the lot? Can they use it to fill the gap between the loan and your insurance? I assume if you default on the lease they can take it. Good luck and I think you have done enough homework to buy. Be sure to post your final deal.
I never said $32,800 OTD in my previous post. It was pre-TTL. Trust me, if it was $32,800 OTD I would have taken it and ran well before I posted here.
For me, Longo won't go near the price I got of $32548. They're still $33k+. Although they don't have the color I want (supposedly) anyway so they're not really trying to deal. Keyes says they'll beat the price by $500.. so $32048, but of course they don't have the same car.. they're getting one in but it has HID too so they said they'd sell the one with HID for $32798 (funny how now they're basically back to the same price they gave me before). With 8 MSD with them, MF goes down to .00006. Don't know how that's possible since it was .0001 with SM.
MSD is returned at lease end. They could take damages out of it, but it would be charged just like if you didn't put money down and then you'd owe them. And Lexus leases include GAP insurance so even if MSD would play a factor like money down, it shouldn't matter anyway. Or at least I think.
Still searching for Smoky Mica on Black. Keyes and SM have Matador Red on Black with HIDs.. Vista and SM have Starfire Pearl on Black, no HID. We'll see..
Sorry I meant $32,800 without TTL not with TTL. In other words that deal is unbelievable. What do chrome wheels costs? The free maintenance is probably worth at least $300-$500 to you. I dont see why they would sell at that price. Your 32,568 is a lot higher when you factor the 32800 includes chrome wheels (at leaast $1200cost) plus free maintenance...A comprable deal without those would be have to be at least around $31K
Basically they would have been selling the car for $32,800 (same price they offered for the car WITHOUT chromes) and charging whatever on the backend to make up for the chrome. That's how Keyes works. They're shady, I don't trust them and I'd never recommend them to anyone. Literally every dealer I went to said they hear bad things about Keyes constantly (and I believe it). All of the other dealers I have gone to have been incredibly friendly, especially Vista. Keyes puts chrome and spoilers on EVERY car they get in. The only way you can get one without those things there is to find one that will be coming into their inventory, but not yet arrived. Honestly, to ever feel "comfortable" about signing anything with Keyes I'd want to have a lawyer present. They wanted me to sign before they got the car in the other day or put a deposit.. saying that without that they can't guarantee that with the other 23 salesmen that the car won't get taken to get chromes, etc. I said if they want to sell me the car so bad (which obviously they do since they literally ran after me when I left the dealership after turning down their offer) they would make sure that that doesn't happen. And even if they did get me a deal there (aka beating other prices) I am sure they would try to screw me on lease return. I just don't trust them. I would recommend anyone in SoCal stay far far away from Keyes Lexus. Vista and Santa Monica are both great.
I have found a leftover 08 is250. They are offering the car at 31,900 with nav, x package, and prem package and a manual tran. The dealer is in Mass. What are the current money factor and residual for 36 and 48 months? 12k per year.
2008 Lexus IS250 6-speed manual. Every option except an automatic and the Mark Levinson. It has NAV, HIDs, premium package, and the X-package. Here is what they are offering.
MSRP: $38,800 Cap Cost: $30,076 Residual: $19,190 Term: 36 months Payment: $500 including taxes with $500 due at signing,
yes. based on your numbers, $500/month translates into an approximate 13% APR. I haven't seen a published MF for your leftover 2008, but .0054 (13/2400) is outrageous
I think you can do a bit better. Why do you want to lease 4 years instead of 3? Usually 4 year leases you'll spend more overall than if you'd do two separate 3 year leases, unless you plan to buy the car out and want to use it as a tax writeoff as long as possible?
$340 x 47 months = $15980 $15980 + $3500 down = $19480 over 4 years or $4870 per year If you plan to buy out add $16569 + 8.25% (let's ignore the fact that tax is going up for convenience sake) = $17935.94 $19480 (lease) + $17934.94 (buyout) = $37415.94 OTD (granted OTD cash would be ~$700 or so less because of lease assumption)
If you look a page back you can see the offer I got on the same car $37656 MSRP on a 36 months lease, 12k per year $391.83 x 35 months = $13714.05 $13714.05 + $1398.58 driveoff (plus $3200 security deposit refunded at lease end so not included here) = $15112.63 or $5037.54 per year (remember, this is at 12k miles, not 10k) Buyout at $19581.12 + 8.25% = $21196.56 $15112.63 (lease) + $21196.56 buyout = $36309.19 OTD
So anyway, my lease per year would be a bit higher (mainly due to 12k miles) but you can see the overall price for my offer is a little over $1000 less. I'd say you can get the price of the car down another $500 at least. The price I was offered for that car was $32548 + TTL which is how I got those payments. Ask them to match that price and run the lease numbers on it. My credit is also 720+ so I would have the same MF as you. I would suggest not putting that high of an amount down on a lease, and if you are considering putting that much down, consider putting down multiple security deposits to lower the MF.. at least that money would be refunded to you at the end of the lease. Hope that helped some!
Yes, you are correct, I plan to buy out the car after 4-year lease. The reason I prefer lease is I want to save more cash, and Lexus's financial payment is not good.
Thanks a lot for your reply!
Just get a reply from another dealer around, they can not match or beat this offer. I will try to lower my downpay as you recommended.
are u still looking around for insurance ?? i just got another quote since i guess i'm in the same boat as you as far as leasing... for 100/300/30 i was quoted $1514/YR from the mercury insurance agent i've been dealing with
Really? They quoted me about $1800 or so a year.. it went down a little (not as low as yours) if I got renter's insurance too. Can I have the name and number of your agent? If you post it real quick I should be able to see it.
Question.. I moved just under 2 months ago into a new address that gets worse insurance rates than my old one. Like $55 per month worse. Is it possible to use my old address without them finding out? My mail is forwarded from that address to my new one. :confuse:
Edit -- If it makes a difference, I would be paying the full year of insurance up front.. with Wawanesa
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2018 QX60 RWD
The down side with leasing to me is:
- It requires more education to understand the price you are paying. I had a spreedsheet with me at the dealer to convert MF to APR and see the rent etc.
- Rolling from lease to lease means you never pay off a car, build equity, and enjoy a period of no car payments. However, I think I'm betting putting the difference between lease and loan payments into a CD will do better than building equity in a car. I've really don't like the hassle of selling cars and taking the risk on the residual value. My aversion may come from owning too many VWs that end up underwater.
People say that the cost is much higher to lease and on paper that appears to be true, however in my real world experiences the cost is about the same. If you buy a car and try to sell it later or trade it in, you end up losing just as much money as the additional cost of leasing, plus the time and hassel if you try to sell the car instead of trading it in. The other benefit to rolling from lease to lease is that your car is always covered by the factory bumper to bumper warranty. You never have to worry about incurring a huge repair expense if something breaks. Plus you get all the benefits that come with getting a new car every few years such as safety improvements, better technology, more efficient engines, etc.
By the way, any leasing expert will tell you that you should NEVER put any money down on a lease (i.e. cap cost reduction), not even the taxes. Yes, it reduces your monthly payment but if your leased car is totalled or stolen the day after you walk off the lot, your insurance company will NOT pay you the money back. The leasing company owns the car not you, so your insurance company will pay off the balance owed on the car to the leasing company. If you bought the car, the check from the insurance company would be made out to you and you'd have to pay off any loan on the car and then you can keep the difference. If it bothers you that you're be paying interest on the taxes if you put them in the lease payment, then take the money you would have used to pay the taxes and put it in a money market account or CD and earn some interest back. I know it will probably be less than the interest you'll be paying on the taxes but it's better than nothing. The other advantage to putting no money down is that you will have access to that extra cash in case you ever need it.
Thanks in advanced.
could you suggest current money factor/residual for IS 250 AWD (36mo, 10k/year lease).
Thanks alot!
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well see what the feb sales numbers look like. should be lower, jan is250/350 sales were off 29% from what i read.
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that is where I got the numbers from, we'll see what FEB looks like.
wonder if I even need to mess with going at the end of the month or if they will just let me buy at my price 500-1000 over invoice. talking to the internet person im dealing with she said 500-1500 over she has seen done. I told her Im perfectly willing to pay 500 over invoice for her to basically fill out paperwork for me since she has not wasted any time with me.
Also I said "Im the stupid one in the transaction here wanting to buy a luxury car in a depression, potentially with hyperinflation, so you better be willing to get rid of your inventory so your dealer can weather the storm". we'll see.
Can you post the lease terms (money factor, residuals, etc.) for the IS 250 AWD when they are published for March? I'm interested to see how they compare to February.
Thanks!
Please, while you're doing your Lexus updating, would you also advise for the IS 250 RWD for 10,000 miles/yr: Money Factor & Residual.
Thank you!
2009 2008 % Change
IS250/350/F 2,147 3,906 -42.7
ES350 2,575 4,795 -44.1
GS350/460/450h 595 1,422 -56.4
SC430 76 189 -58.1
LS460/600h L 700 1,891 -61.4
Total Cars 6,093 12,203 -48.0
RX350/400h 6,218 6,956 -6.9
GX470 516 1,549 -65.3
LX570 281 569 -48.6
Total Trucks 7,015 9,074 -19.5
Total Sales 13,108 21,277 -35.8
The fact that car sales are down almost 50% under last year is frightening — but let’s put it into context with some competitor’s stats:
2009 2008 % Change
Audi 4,653 6,152 -24.4
BMW 12,979 20,775 -37.5
Infiniti 6,359 10,068 -36.8
Mercedes 14,199 18,564 -23.5
Misery loves company.
Thanks
FYI - If it matters, I am looking for a 2009 IS250 RWD auto with navi and prem packages. Dealer said he would give me chrome wheels and 2 years maintenance also. Best offer I got is $32,800 + TTL but I don't think that's as good as I can get considering I can do without chrome and I saw someone in NorCal got 35,650 OTD this week on the prices paid thread.
I spent several weeks fooling around with a couple of dealers over the phone and was very pleased with this deal I got on last day of month. Dealer cost on this car was $33,772. So they leased it to me at about $1160 below dealer list cost.
Yes it had 18" wheels...Navi, Premium Pkg (includes heated and cooled seats), matts and locks...This is a pretty standard configuration for this car with Navi...In So. Cal there seems to only be about two or three configurations of that car. Your wrong on the $33 vs $31...I priced it at KBB and also I saw the dealers invoice which matched my research...This was a 2009 car...I saw your other posts and truthfully I find it hard to believe the price you were quoted. Also something wasn't right with the lease they were offering you with $3500 down...It should have been a lot less if all the info you provided was right. Do the lease calculations yourself and see. Good luck and feel free to ask any other questions.
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I'm not following. You said you find the numbers I got hard to believe. As in they're too high or too low? You said your CAP is .0007, and I assume you mean MF? Was this the standard MF you were given or did you pay it down with MSD? What dealer did you go with? I've been talking with Keyes (where I got the quotes), Santa Monica, and Cerritos. Thanks!
Does anyone know what the min MF is for Lexus? I haven't been able to find it anywhere and was wondering what I could expect if I pay the max MSD (how many does Lexus allow? I know BMW allows 7 over the required). Thanks so much everyone!
Let me know what this information is and I'll crunch some numbers for you.
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IS250 RWD with prem and navi
36mo/12k
MSRP $37,656
Selling price $32,548
MF .0001 (reduced to minimum with 8 MSDs) which is .24% interest
Drive off: $4598.58 ($3200 is MSD which I will get back at lease end, rest is first month and fees)
$391.83 per month including tax
Total cost of lease (minus $3200 security): $15112.63
Residual: $19581.12
Thanks!
Can I ask which dealership you went to for that deal? Thanks in advanced!
PS - Don't go to Keyes, they're a bunch of lying a**holes! They said they would sell the car at $32,800 (<$400 less than SM) and yet somehow over the course of the lease I would have been paying over $3000 more! :mad:
Thanks for the heads up on Keyes too. I may just have to approach Santa Monica and say "A friend got this deal...can I just get that as well?" =P
The only thing about your deal that I caught my eye were your MSDs. I've never dealt with them myself, but I can just see the gleam in their eyes when you return the car after 3 yrs and 3,400 is up for grabs. What was your MF at before the deposits?
My comment about your numbers was I found it hard to believe they would sell you that car out the door for $32,800 which was fully loaded include chrome wheels and two years of free maintenance. Those chrome wheels usually add about $2K to the price. Your new deal is nowhere near that. Nor was mine. My .0007 cap rate was with no MSD.
The deal you had listed is a good one. Its a few dollars better than mine. I was at $32612. I would be happy with that deal and take it. I couldn't get Mission Viejo or Newport anywhere near that. We had to go to Longo to get our deal. The only thing I might consider is the MSD. Basically it comes down to do you want to lend Lexus $3200 for 1.44% a year (1.68 my rate vs. .24 your rate). I would pass on that although not many investments today you can get that return on. Another question I have on the MSD is under what terms can they tap into the MSD? What if you total the car after you drive it off the lot? Can they use it to fill the gap between the loan and your insurance? I assume if you default on the lease they can take it. Good luck and I think you have done enough homework to buy. Be sure to post your final deal.
I never said $32,800 OTD in my previous post. It was pre-TTL. Trust me, if it was $32,800 OTD I would have taken it and ran well before I posted here.
For me, Longo won't go near the price I got of $32548. They're still $33k+. Although they don't have the color I want (supposedly) anyway so they're not really trying to deal. Keyes says they'll beat the price by $500.. so $32048, but of course they don't have the same car.. they're getting one in but it has HID too so they said they'd sell the one with HID for $32798 (funny how now they're basically back to the same price they gave me before). With 8 MSD with them, MF goes down to .00006. Don't know how that's possible since it was .0001 with SM.
MSD is returned at lease end. They could take damages out of it, but it would be charged just like if you didn't put money down and then you'd owe them. And Lexus leases include GAP insurance so even if MSD would play a factor like money down, it shouldn't matter anyway. Or at least I think.
Still searching for Smoky Mica on Black. Keyes and SM have Matador Red on Black with HIDs.. Vista and SM have Starfire Pearl on Black, no HID. We'll see..
Sorry I meant $32,800 without TTL not with TTL. In other words that deal is unbelievable. What do chrome wheels costs? The free maintenance is probably worth at least $300-$500 to you. I dont see why they would sell at that price. Your 32,568 is a lot higher when you factor the 32800 includes chrome wheels (at leaast $1200cost) plus free maintenance...A comprable deal without those would be have to be at least around $31K
MSRP: $38,800
Cap Cost: $30,076
Residual: $19,190
Term: 36 months
Payment: $500 including taxes with $500 due at signing,
Any opinions?
I got an offer at Bay area as below
IS250 with Nav. sticker price $37656
48month lease(10kmil/year, my credit score is 745),
residue price: $16569
downpay: $3500
monthly pay:$340 (including tax)
Is this a good deal? Anything important I should ask the dealer?
$340 x 47 months = $15980
$15980 + $3500 down = $19480 over 4 years or $4870 per year
If you plan to buy out add $16569 + 8.25% (let's ignore the fact that tax is going up for convenience sake) = $17935.94
$19480 (lease) + $17934.94 (buyout) = $37415.94 OTD (granted OTD cash would be ~$700 or so less because of lease assumption)
If you look a page back you can see the offer I got on the same car $37656 MSRP on a 36 months lease, 12k per year
$391.83 x 35 months = $13714.05
$13714.05 + $1398.58 driveoff (plus $3200 security deposit refunded at lease end so not included here) = $15112.63 or $5037.54 per year (remember, this is at 12k miles, not 10k)
Buyout at $19581.12 + 8.25% = $21196.56
$15112.63 (lease) + $21196.56 buyout = $36309.19 OTD
So anyway, my lease per year would be a bit higher (mainly due to 12k miles) but you can see the overall price for my offer is a little over $1000 less. I'd say you can get the price of the car down another $500 at least. The price I was offered for that car was $32548 + TTL which is how I got those payments. Ask them to match that price and run the lease numbers on it. My credit is also 720+ so I would have the same MF as you. I would suggest not putting that high of an amount down on a lease, and if you are considering putting that much down, consider putting down multiple security deposits to lower the MF.. at least that money would be refunded to you at the end of the lease. Hope that helped some!
Yes, you are correct, I plan to buy out the car after 4-year lease. The reason I prefer lease is I want to save more cash, and Lexus's financial payment is not good.
Thanks a lot for your reply!
Just get a reply from another dealer around, they can not match or beat this offer. I will try to lower my downpay as you recommended.
are u still looking around for insurance ?? i just got another quote since i guess i'm in the same boat as you as far as leasing... for 100/300/30 i was quoted $1514/YR from the mercury insurance agent i've been dealing with
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regards,
kyfdx
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Edit -- If it makes a difference, I would be paying the full year of insurance up front.. with Wawanesa
Thanks!
Greeneyes, who have u been dealing with at santa monica